Catch the Bitcoin dip? BTC price pares losses with a fresh surge to $57K

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Bitcoin (BTC) was again at $57,000 on Oct. 13 as a traditional transfer left hopeful merchants liquidated to the tune of $200 million.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer sees parallels to August value motion

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD reaching highs of $57,250 on Bitstamp, up nearly $3,000 in beneath three hours.

Harking back to a number of surges over the previous week, Bitcoin thus gained 5.5% on the day, lining up a rematch of five-month highs.

These looking to quick additional than $54,260 had been thus disappointed amid a barrage of bullish optimism.

“This correction on Bitcoin is properly corresponding to the value motion in August,” Cointelegraph contributor Michaël van de Poppe commented.

“Only a minimal correction for a couple of days, after which Bitcoin continues grinding upwards, whereas altcoins are dropping of their $BTC pair.”

Fellow dealer and analyst Rekt Capital in the meantime confirmed a better low for BTC/USD throughout the retracement, thus positioning it for additional energy.

Futures open curiosity explodes over 70%

In the meantime, data from derivatives confirmed CME Bitcoin futures open curiosity skyrocketing over the previous month, additional fuelling trigger to be constructive on value motion forward.

Associated: BlackRock chairman ‘more in the Jamie Dimon camp’ on Bitcoin, praises crypto

Whereas nonetheless under all-time highs from February, the development is encouraging, commentators mentioned, contemplating the chance of merchants frontrunning a possible futures-based exchange-traded fund (ETF) approval in the United States.

Bitcoin futures open interest chart. Source: Javier Paz/ Twitter

“The herd is not just coming, they’re stampeding,” Three Arrows Capital CEO Zhu Su added on the info from Forbes analyst Javier Paz.